Wow! With some 41 million counterfeit £1 coins in circulation it’s a serious issue…but then I thought how do I tell if I’m an unlucky one with any in my purse?? After all they’re not only worthless but it’s illegal to pass one on, albeit of course many do so quite innocently.

If you do innocently pass a fake onto perhaps a shopkeeper they will certainly lose out if they unknowingly try to deposit it at the Bank as it will not be accepted and they will not be refunded.

A sure way of telling a fake coin was to see it rejected by a parking meter or vending machine which can detect that the metal composition of the coin is correct. The issue now is that many fakes are so good that they are even accepted by these machines!

Other ways to tell if you have a fake £1 coin include

It looks too new for its supposed age according to the date on it

The reverse design on £1 coins is changed each year and thereofre the design must match the year date

The lettering on the edge of a genuine coin must also correspond with the year date.

About The Author

Diane

With the background of a long standing career at senior level within the insurance industry, I've been writing articles on personal finance matters for MoneyHighStreet since we started it in 2006.
As a family of 4, plus a wonderful labrador, our main goal is really to enjoy life, to have fun!
To achieve our goal, like it or not, we need to really get the most from our money. I enjoy sharing how we tackle this.